DINAR REVALUATION

Sunday, August 11, 2024

Central Bank Of Iraq Announces Growth Of Electronic Payment From 800 Billion To 2 Trillion Dinars, 11 AUGUST

Economy | 10/08/2024 Mawazine News – Baghdad The Governor of the Central Bank of Iraq announced on Saturday a record increase in electronic payment operations from 800 billion to 2 trillion dinars in one year, noting that government payments reached 912 billion dinars during July 2024.

This came during his participation in a specialized workshop on accelerating the transition to electronic payment, organized by the "Osool" Foundation for Economic Development and Sustainable Development, followed by Shafak News Agency.

Al-Alaq said during his speech at the workshop that the Central Bank of Iraq works side by side with the government program and the Prime Minister's direction in supporting electronic payment, and we are proud of what we have achieved so far,

indicating that in 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.

He added that these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems reached more than 2 trillion Iraqi dinars in July alone, compared to 800

billion dinars in the same month of 2023, and became 1 trillion dinars in January 2024, and government payments witnessed an additional increase, reaching 912 billion Iraqi dinars last July compared to 287 million dinars in the same month of 2023.

Al-Alaq indicated that payments at fuel stations in Baghdad alone increased significantly, recording more than 44 billion dinars in July of this year, compared to 183 million dinars in July of 2023, and 4.5 billion dinars in December 2023.

Al-Alaq revealed a huge increase in the number of POS points of sale to reach more than 50 thousand points of sale this year compared to approximately 11 thousand POS points of sale at the beginning of 2023, and thousands of them in government institutions after It was zero before the campaign was launched in June 2023. crossorigin="anonymous">

Al-Alaq expressed his hope that government institutions would adopt the establishment of specialized units in electronic payment technologies to work on following up and developing this important aspect.

https://www.mawazin.net/Details.aspx?jimare=253011

The U.S. Treasury market is undergoing a government-wide reform effort to improve its function BY GOLIDLOCKS, 11 AUGUST

GOLDILOCKS

The U.S. Treasury market is undergoing a government-wide reform effort to improve its function. These reforms include:

Clearing

The Securities and Exchange Commission (SEC) has expanded the types of transactions that must be cleared through a clearing agency. The SEC's Treasury clearing mandates require participants to set apart assets and support collateral segregation. Treasury cash clearing is required to be in place by the end of 2025, and repo clearing by June 30, 2026.

It is important to note that the SEC completed the following: "The SEC finalised its regulations on US Treasury reforms in December 2023, which includes a requirement to clear certain Treasury cash transactions from 31 December 2025 and Treasury repos from 30 June 2026."

Currently, U.S. Treasury transactions are either settled bilaterally or cleared centrally through the Cash Collateral Account (CCA), Depository Trust and Clearing Corporation (DTCC’s) Fixed Income Clearing Corporation (FICC).

Nothing was said in these articles about the CFTC, but you can expect them to participate.

Repo market

The U.S. Treasury repo market is a source of financing for banks, but reforms are looking to transition it to a centrally cleared structure. crossorigin="anonymous">

Data and transparency

Market participants are expected to increase the amount of data they share with the public.

Other reforms

Other proposed reforms include:

Changes to prudential banking regulations

Increased use of electronic trading

Expanding the definition of "dealer"

Removing redemption gates from money market funds

Increasing liquidity requirements for money market funds

Requiring liquidity fees for money market funds

Bottom line: The International Swaps and Derivatives Association (ISDA) is requiring the US Treasury Department to complete their reforms by 2025/2026.

Remember, the SEC has completed their reforms and the above mentioned are the current protocols they use at this time. What we are looking for to be completed in retail foreign currency exchange procedures has to be done by next year. Again, the SEC has completed their reforms and currently using systems to complete a foreign currency exchange process.

I shared this with you this morning to give you an idea that a back wall date is currently in place for foreign currency exchanges, and provisions have already been made through the SEC to complete foreign currency exchange transactions until the whole Department of the US Treasury has completed their reforms.

https://www.securitiesfinancetimes.com/securitieslendingnews/regulationarticle.php?article_id=227231&navigationaction=regulationnews&newssection=regulation

https://www.sifma.org/explore-issues/treasury-clearing/

SANDY INGRAM: Dangerous Decisions BREAKING NEWS URGENT

🌐 Zimbabwe cracks down on illegal currency trading to boost new currency, 11 AUGUST

🌐 Zimbabwe cracks down on illegal currency trading to boost new currency

"Zimbabwe's monetary authorities are leaving no stone unturned in their efforts to stabilize the country's new currency, the Zimbabwe Gold Currency (ZiG). After numerous attempts to revive the national currency, the ZiG is the latest initiative to establish a currency stable".

🔴 Zimbabwe is stepping up efforts to stabilize its new currency, the Zimbabwe Gold Coin (ZiG), by arresting illegal currency traders. Two people were recently convicted and sentenced for illegal currency trading, demonstrating the government's commitment to the ZiG. The ZiG is backed by bullion and foreign currency reserves held at the central bank. This is Zimbabwe's sixth attempt to establish a stable national currency since 2008, following a period of hyperinflation.

"Prosecutor Mandirasa Chigumira proved that the two committed the offenses when she testified in court that "on August 1, 2024, police officers saw Maketo, a resident of New Tafara, Harare, at the Kamunhu shopping center in Mabvuku, offering to buy foreign currency to passersby in exchange for local currency. "A team of detectives working undercover and armed with trick money approached Maketo to exchange money for 20 US dollars at a rate of 1 US dollar per ZiG16."

🔗https://technomag.co.zw/zimbabwe-toma-manos-contra-el-comercio-ilegal-de-forex-para-impulsar-la-nueva-moneda/

TRANSLATE IN SPANISH

🌐 Zimbabue toma medidas enérgicas contra el comercio ilegal de divisas para impulsar la nueva moneda

"Las autoridades monetarias de Zimbabue no escatiman esfuerzos en sus esfuerzos por estabilizar la nueva moneda del país, la Moneda de Oro de Zimbabue (ZiG). Después de numerosos intentos de revivir la moneda nacional, la ZiG es la última iniciativa para establecer una moneda estable".

🔴 Zimbabue está intensificando los esfuerzos para estabilizar su nueva moneda, la Moneda de Oro de Zimbabue (ZiG), mediante la detención de comerciantes ilegales de divisas. Dos personas fueron condenadas y sentenciadas recientemente por comercio ilegal de divisas, lo que demuestra el compromiso del gobierno con la ZiG. La ZiG está respaldada por lingotes y reservas de divisas extranjeras que se encuentran en el banco central. Este es el sexto intento de Zimbabue de establecer una moneda nacional estable desde 2008, tras un período de hiperinflación.

"La fiscal Mandirasa Chigumira demostró que ambos cometieron los delitos cuando declaró ante el tribunal que "el 1 de agosto de 2024, los agentes de policía vieron a Maketo, residente de New Tafara, Harare, en el centro comercial Kamunhu en Mabvuku, ofreciendo comprar divisas a los transeúntes a cambio de moneda local. Un equipo de detectives que trabajaban de forma encubierta y armados con dinero trampa se acercó a Maketo para cambiarle dinero por 20 dólares estadounidenses a una tasa de 1 dólar estadounidense por ZiG16".

🔗https://technomag.co.zw/zimbabwe-toma-manos-contra-el-comercio-ilegal-de-forex-para-impulsar-la-nueva-moneda/

LATEST FROM JON DOWLING, 11 AUGUST

Things continue to heat up! Will Iran take the US offer to remove all the sanctions, or will they go full steam ahead with the attack on Israel? Something has to give soon and it will.

@JonDowling

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Breaking news: XRP wins their case and no appeal incoming!

Advisor to the Prime Minister: The government established a road map for the work of the economic model in Iraq, 11 AUGUST

Economy News – Baghdad

The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, on Saturday, outlined the vision of the government curriculum on the economic model, and while he indicated that he will direct investment decisions to achieve its goals, stressing that the government of Prime Minister Mohammed Shia Al-Sudani established a road map for the work of the economic model in Iraq.

Saleh said, in a statement reported by the official news agency, and seen by “Economy News”, that “the economic model is a mathematical model used to represent the economy, and analyze the behavior of various economic factors, as these models are used to understand how economic elements interact,” noting that “at the level of the government curriculum for Iraq’s philosophy, the basics of modeling the Iraqi economy were based on an important vision based on the principle of the decomposition of the entire economy, and taking into account the macro variables, foremost of which are the basics of development and growth in the GDP and imposing stability and effective operation of the joints of the national economy and the level of its interconnections.”

He added that “the current digital life helps to use computing to conduct simulated experiments to understand the potential effects of various economic policies and adopt optimal paths from them,” stressing that “Iraq has established in its government platform a practical establishment and a road map for the work of the economic model of Iraq through the development road strategy, since the beginning of the government of Prime Minister Mohammed Shiaa Al-Sudani.”

He pointed out that “the state of economic imbalance and its severe unilateralism has always required thinking about the future of the economy through an approach based on generating an alternative sector leading the national economy,” explaining that “the development road program is the academic point of view, and what was presented by the German economic thinker Albert Hirschman in his famous book (Economic Development Strategy) issued in 1958, in combating the state of imbalance and economic unilateralism with a theory based on an economic development weight, and a leader of the economy that provides a high degree of back and front sectoral interdependence and high interaction that achieves sustainable growth and restoring balance in the long term of the national economy.”

He pointed out that “this theory emphasizes in its model the need to invest in strategic sectors with a specific high priority instead of investing in all sectors at the same time,” adding that “according to this theory, other sectors will develop automatically over time, and from this point of view the idea of the economic model for the future of Iraq was born in prosperity and diversity, which is undoubtedly based on a macroeconomic strategy based on the path of development.”

Saleh pointed out that “that development strategy and the economic model that drives macroeconomic variables, has not been separated from the vision of partnership between the state and the private sector and the principles of the social market within the data of the five-year national development plan and its objectives, which were recently launched,” concluding that “the model or economic model of Iraq, which we aspire to establish, will provide the guiding predictive foundations for evaluating economic policies and directing investment decisions to achieve its specific goals optimally.”

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Added 2024/08/10 – 4:38 PM

https://economy-news.net/content.php?id=46126